Official Bill Info

• Latest Action: Sep 25, 2009 Committee Hearings Held.

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• Committee Assignment: House Financial Services

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  This bill has been assigned to the House Financial Services committee.

Bill Statistics on OpenCongress

Contribution Data

OpenCongress Bill Summary

• This bill would repeal special audit protections for the Federal Reserve (31 USC 714 – Sec. 714) and calls for a full Government Accountability Office audit of the central bank to be completed before the end of 2010 and submitted to Congress for review. More background and info here.

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  Here's a summary from OpenCongress.org: This bill would repeal special audit protections for the Federal Reserve (31 USC 714 – Sec. 714) and calls for a full Government Accountability Office audit of the central bank to be completed before the end of 2010 and submitted to Congress for review. More background and info here.

Supporting Organizations

• Campaign for Liberty

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• Public Citizen

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• Americans for Tax Reform

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• U.S. Public Interest Research Groups

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  I know that the organization U.S. Public Interest Research Groups supports H.R.1207
• National Taxpayers Union

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• Freedomworks

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Opposing Organizations

• American Bankers Association

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• The Financial Services Roundtable

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  I know that the organization The Financial Services Roundtable opposes H.R.1207

Most-commented sections of the bill text

• ‘(A) REQUIRED- A report on the audit referred to in paragraph (1) shall be submitted by the Comptroller General to the Congress before the end of the 90-day period beginning on the date on which such audit is completed and made available to the Speaker of the House, the majority and minority leaders of the House of Representatives, the majority and minority leaders of the Senate, the Chairman and Ranking Member of the committee and each subcommittee of jurisdiction in the House of Representatives and the Senate, and any other Member of Congress who requests it. (19 comments, Link )

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  specifically, this section of the legislation: "‘(A) REQUIRED- A report on the audit referred to in paragraph (1) shall be submitted by the Comptroller General to the Congress before the end of the 90-day period beginning on the date on which such audit is completed and made available to the Speaker of the House, the majority and minority leaders of the House of Representatives, the majority and minority leaders of the Senate, the Chairman and Ranking Member of the committee and each subcommittee of jurisdiction in the House of Representatives and the Senate, and any other Member of Congress who requests it.",
• HR 1207 IH (10 comments, Link )

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  specifically, this section of the legislation: "HR 1207 IH",
• ‘(1) IN GENERAL- The audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (b) shall be completed before the end of 2010. (4 comments, Link )

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  specifically, this section of the legislation: "‘(1) IN GENERAL- The audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (b) shall be completed before the end of 2010.",
• (b) Audit- Section 714 of title 31, United States Code, is amended by adding at the end the following new subsection: (2 comments, Link )

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  specifically, this section of the legislation: "(b) Audit- Section 714 of title 31, United States Code, is amended by adding at the end the following new subsection:",
• 111th CONGRESS (2 comments, Link )

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  specifically, this section of the legislation: "111th CONGRESS",

Highest Rated User Comments

• On March 05, 2009, by MTPatriot - Congressman Wright Patman attempted to investigate the Federal Reserve. He introduced a bill which would have authorized a full and independent audit of the System by the General Accounting Office. Patman claimed that the audit was essential to give the public's elected representatives complete and accurate information on the internal operations of the System, SINCE THEY HAD NOT BEEN AUDITED SINCE THEIR INCEPTION IN 1913. Patman was frankly astonished by the opposition to his bill. He wrote: "Although I had anticipated that officials of the Federal Reserve System would vigorously oppose my bill, I am frankly amazed by the massive lobbying campaign now underway, to prevent enactment of the measure. This itself is further proof, if any is needed, that a thorough and independent audit...is an absolute necessity in the public interest."

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  As noted by MTPatriot, a user on OpenCongress.org, on March 05, 2009, "Congressman Wright Patman attempted to investigate the Federal Reserve. He introduced a bill which would have authorized a full and independent audit of the System by the General Accounting Office. Patman claimed that the audit was essential to give the public's elected representatives complete and accurate information on the internal operations of the System, SINCE THEY HAD NOT BEEN AUDITED SINCE THEIR INCEPTION IN 1913. Patman was frankly astonished by the opposition to his bill. He wrote: "Although I had anticipated that officials of the Federal Reserve System would vigorously oppose my bill, I am frankly amazed by the massive lobbying campaign now underway, to prevent enactment of the measure. This itself is further proof, if any is needed, that a thorough and independent audit...is an absolute necessity in the public interest.""
• On March 05, 2009, by MTPatriot - Wright Patman (1893-1976) was a DEMOCRATIC representative from Texas, who served in the U.S. Congress from 1929 to his death on March 7, 1976. He was chairman of the House of Representatives Committee on Banking and Currency for 40 years. For 20 of those years, he introduced legislation to repeal the Federal Reserve Banking Act of 1913. I applaud Congressman Paul's attempts at righting an injustice we have suffered in this country for 96 years.

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  As noted by MTPatriot, a user on OpenCongress.org, on March 05, 2009, "Wright Patman (1893-1976) was a DEMOCRATIC representative from Texas, who served in the U.S. Congress from 1929 to his death on March 7, 1976. He was chairman of the House of Representatives Committee on Banking and Currency for 40 years. For 20 of those years, he introduced legislation to repeal the Federal Reserve Banking Act of 1913. I applaud Congressman Paul's attempts at righting an injustice we have suffered in this country for 96 years. "
• On March 05, 2009, by fehrmann69 - It's about time someone audited these thieves. Do you know they only print the principle money that they loan. When you pay the interest up front it is impossible to pay the principle off without borrowing more money. When the government takes money from the Federal Reserve they give them bonds for collateral. Then they print more money using the bonds as an asset. They then lend this money out to the various banks. Don't you think it is reasonable for the taxpayer, when they have to bail the banks out of bad loans, to have the amount we owe the Federal Reserve reduced by the amount of the taxpayer bailout? It would be as if I borrowed $1000 from someone, gave them an IOU, then lost the money on a bad investment, then made them lend me $1000 to pay them back to find out that I now owe them $2000.

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  As noted by fehrmann69, a user on OpenCongress.org, on March 05, 2009, "It's about time someone audited these thieves. Do you know they only print the principle money that they loan. When you pay the interest up front it is impossible to pay the principle off without borrowing more money. When the government takes money from the Federal Reserve they give them bonds for collateral. Then they print more money using the bonds as an asset. They then lend this money out to the various banks. Don't you think it is reasonable for the taxpayer, when they have to bail the banks out of bad loans, to have the amount we owe the Federal Reserve reduced by the amount of the taxpayer bailout? It would be as if I borrowed $1000 from someone, gave them an IOU, then lost the money on a bad investment, then made them lend me $1000 to pay them back to find out that I now owe them $2000. "

Highly Rated Blog Articles

• Federal Reserve Transparency Act of 2009 (2009; 111th Congress ... - March 20, 2012 by http://www.govtrack.us/users/events.xpd?monitors=misc:activebills - This bill was introduced on February 26, 2009, in a previous session of Congress, but was not enacted. Text: Read Bill Text. Cosponsors: show cosponsors (320). Rep. ..... |url=http://www.govtrack.us/congress/bills/111/hr1207 |title=H.R. 1207 ...

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  As noted by http://www.govtrack.us/users/events.xpd?monitors=misc:activebills on March 20, 2012, "This bill was introduced on February 26, 2009, in a previous session of Congress, but was not enacted. Text: Read Bill Text. Cosponsors: show cosponsors (320). Rep. ..... |url=http://www.govtrack.us/congress/bills/111/hr1207 |title=H.R. 1207 ..." (/url?q=http://www.govtrack.us/congress/bills/111/hr1207&sa=U&ei=38AHUPLdIKPg2QXq65jwBA&ved=0CDYQmAEwBg&usg=AFQjCNH3wTk_QC0G8appSPl9gRXFZ6PBMg)
• Federal Reserve Transparency Act of 2009 (2009; 111th Congress ... - March 20, 2012 by http://www.govtrack.us/users/events.xpd?monitors=misc:activebills - This bill was introduced on February 26, 2009, in a previous session of Congress, but was not enacted. Text: Read Bill Text. Cosponsors: show cosponsors (320). Rep. ..... |url=http://www.govtrack.us/congress/bills/111/hr1207 |title=H.R. 1207 ...

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  As noted by http://www.govtrack.us/users/events.xpd?monitors=misc:activebills on March 20, 2012, "This bill was introduced on February 26, 2009, in a previous session of Congress, but was not enacted. Text: Read Bill Text. Cosponsors: show cosponsors (320). Rep. ..... |url=http://www.govtrack.us/congress/bills/111/hr1207 |title=H.R. 1207 ..." (/url?q=http://www.govtrack.us/congress/bills/111/hr1207&sa=U&ei=vRUHUNGEGqPo2AXL1N3CDw&ved=0CDYQmAEwBg&usg=AFQjCNEgHZrYaMIO4CnShquPHAmboIcGSA)
• Federal Reserve Transparency Act of 2009 (2009; 111th Congress ... - March 20, 2012 by http://www.govtrack.us/users/events.xpd?monitors=misc:activebills - This bill was introduced on February 26, 2009, in a previous session of Congress, but was not enacted. Text: Read Bill Text. Cosponsors: show cosponsors (320). Rep. ..... |url=http://www.govtrack.us/congress/bills/111/hr1207 |title=H.R. 1207 ...

  Clicking this will add the following text:

  As noted by http://www.govtrack.us/users/events.xpd?monitors=misc:activebills on March 20, 2012, "This bill was introduced on February 26, 2009, in a previous session of Congress, but was not enacted. Text: Read Bill Text. Cosponsors: show cosponsors (320). Rep. ..... |url=http://www.govtrack.us/congress/bills/111/hr1207 |title=H.R. 1207 ..." (/url?q=http://www.govtrack.us/congress/bills/111/hr1207&sa=U&ei=9MEFUPPCAsjk2wWPksWRCw&ved=0CDYQmAEwBg&usg=AFQjCNFtftoIF4pzBJ9Th92-crMuruqeyg)

Highly Rated News Articles

• Will Obama’s financial regulation plan work? - February 21, 2010 by MSNBC - ...is Fascist by definition. Obama is serving the interests of these international bankers, not ours. We desperately need H.R.1207 (the Federal Reserve Transparency Act of 2009) to pass!!!! So what just happened does work? Wake up! What you're describing

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  As noted by MSNBC on February 21, 2010, "...is Fascist by definition. Obama is serving the interests of these international bankers, not ours. We desperately need H.R.1207 (the Federal Reserve Transparency Act of 2009) to pass!!!! So what just happened does work? Wake up! What you're describing " (http://www.newsvine.com/_question/2009/06/17/2939836-what-do-you-think-of-president-barack-obamas-proposals-to-reregulate-the-financial-services-industry)
• Pre-Market Stock Upgrades/Downgrades Nov 30, 2009 - November 29, 2009 by Wall Street Pit (blog) - Melissa .. I think he should really prepare for the Ceremonies so that the Japan incident... Tom Rankin .. Support House Bill HR-1207 and Senate Bill S-602 ...

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  As noted by Wall Street Pit (blog) on November 29, 2009, " Melissa .. I think he should really prepare for the Ceremonies so that the Japan incident... Tom Rankin .. Support House Bill HR-1207 and Senate Bill S-602 ... " (http://wallstreetpit.com/12495-pre-market-stock-upgrades-downgrades-nov-30-2009)
• The Greatest Scientific Scandal of Our Age - November 29, 2009 by Wall Street Pit (blog) - Support House Bill HR-1207 and Senate Bill S-602 as is with no changes. It must be... John Smith .. He should pack some warm clothes so that he won't freeze ...

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  As noted by Wall Street Pit (blog) on November 29, 2009, " Support House Bill HR-1207 and Senate Bill S-602 as is with no changes. It must be... John Smith .. He should pack some warm clothes so that he won't freeze ... " (http://wallstreetpit.com/12527-the-greatest-scientific-scandal-of-our-age)